JJB Sports axes 45 stores to cut its rent bill

Struggling sportswear chain JJB Sports is closing 45 stores and going cap in hand to landlords to slash its rent bill for the second time in two years.

JJB is seeking a company voluntary arrangement with landlords after a similar deal in 2009 when the firm was saved from collapse, which saw 140 stores closed and £6 million saved in annual rent.

Job losses among JJB's 6300 staff look inevitable as the retailer is also reviewing the future of a further 50 of its 246 stores over the next two years.

The firm is raising £31.5 million from shareholders and has attracted takeover interest from rival JD Sports Fashion.